RTTNews | Sep 23, 2020 09:52AM EDT

09:51 Wednesday, September 23, 2020 (RTTNews.com) - Shares of Zogenix Inc. (ZGNX) are falling more than 15 percent or $3.40 in Wednesday's morning trade at $19.18.

Tuesday, Zogenix said it intends to offer $200 million aggregate principal amount of convertible senior notes due 2027 in a private offering to qualified institutional buyers.

The biopharmaceutical company intends to use the net proceeds from the offering to fund development and commercialization of Fintepla in Dravet syndrome, Lennox-Gastaut syndrome, and other potential indications; to fund the development of MT1621 in TK2 deficiency and other general corporate purposes.

Zogenix has traded in a range of $16.65 to $57.22 in the past 52 weeks.

Read the original article on RTTNews ( https://www.rttnews.com/3130915/stock-alert-zogenix-tumbles-15-proposes-200-mln-note-offering.aspx)

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